TLDR:
Trump launched a new NFT collection called “America First Edition” with 360,000 digital trading cards
Only about 5.7% (20,700) of the NFTs have been sold so far, generating over $2 million in sales
The NFTs are priced at $99 each and include bonus perks like dinner with Trump or golden Trump sneakers
OpenSea, the marketplace listing Trump’s NFTs, is expecting an SEC lawsuit over whether NFTs are securities
Trump has positioned himself as crypto-friendly in his presidential campaign, reversing his previous skepticism
Former President Donald Trump has launched his fourth collection of non-fungible tokens (NFTs), titled “America First Edition,” as part of his evolving campaign strategy that now includes embracing cryptocurrency.
The collection, consisting of 360,000 digital trading cards priced at $99 each, has generated over $2 million in sales within its first day of release.
The new NFTs feature Trump in various fantastical poses and costumes, including depictions of him dancing and holding bitcoins.
The collection also offers bonus perks for certain purchases, such as attendance at a gala dinner with Trump, golden Trump-branded sneakers, and a piece of the suit Trump wore during his recent debate with President Joe Biden.
Despite the substantial sales figure, only about 20,700 of the NFTs have been minted so far, representing approximately 5.7% of the total supply.
This stands in contrast to Trump’s first two NFT collections, which sold out rapidly, albeit with much smaller total supplies of 44,000 and 46,000 NFTs respectively.
The NFTs are minted on the Ethereum scaling network Polygon and are currently listed on the popular NFT marketplace OpenSea.
However, buyers are restricted from reselling these NFTs on secondary marketplaces until January 31, 2025, a limitation similar to that placed on Trump’s previous collection.
This latest NFT release comes as Trump continues to position himself as a crypto-friendly candidate in the upcoming presidential election. Despite previously criticizing cryptocurrencies as a “scam against the dollar” during his presidency, Trump has recently embraced the technology, even dubbing himself the “crypto president” at a tech fundraiser in June.
Trump’s shift in stance aligns with his campaign’s efforts to court the crypto community and tech-savvy voters. He has vowed to “stop Joe Biden’s crusade to crush crypto” and has met with bitcoin miners at his Mar-a-Lago estate.
Trump has also given a keynote address at Bitcoin 2024, the world’s largest bitcoin conference.
The former president’s running mate, Senator JD Vance, is also seen as pro-crypto, having introduced a plan to overhaul how regulatory agencies police the crypto market.
Trump has sought support from crypto-friendly billionaire donors, including Tyler and Cameron Winklevoss, Marc Andreessen, Ben Horowitz, and Elon Musk.
The crypto industry has become increasingly involved in political funding, with crypto companies accounting for nearly half of all donations made by corporations in this election cycle, according to a Public Citizen report.
The industry has reportedly spent more than $119 million, largely to support pro-crypto candidates and oppose crypto skeptics.
However, the NFT and crypto landscape is not without challenges. OpenSea recently received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating the agency’s intent to sue over the classification of NFTs as securities. This development could have implications for the broader NFT market, including Trump’s latest collection.
The overall NFT market has seen a significant decline since its peak in January 2022, with sales volume dropping by more than 90% as of August 1, 2024.
This downturn follows the collapse of the crypto exchange FTX in 2022 and increased government scrutiny of the nascent industry.
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